17 Dec 2019

Doxee / 17.12.2019

On 17 December 2019, Doxee S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 19 December 2019.

Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.

The total equivalent of the resources raised through the operation amounts to Euro 4.5 million, through the issuance of 1,666,500 newly issued shares without nominal value.

The placement price The unit price of the shares resulting from the placement was set at Euro 3.0; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 21.6 million.

The enterprise. DOXEE is a multinational High-Tech company, a leader in the Customer Communications Management, Paperless, and Digital Customer Experience markets. Doxee offers innovative technology products based on the only proprietary platform, the Doxee Platform, and delivered in Cloud mode to over 200 Enterprise-sized companies. The products offered to represent a powerful tool to innovate communication strategies between the company and its clients by creating personalized and two-way relationships.

Ultima Ricerca Doxee

  • UPDATE – 09.10.2024
    Sales revenues amounted to € 12.54 million, marking a 3.2% increase compared to € 12.14 million recorded in 1H23A. EBITDA stands at € 0.54 million, an improvement compared to € -0.50 million in 1H23A. The EBITDA Margin is 3.9%, compared to -3.6% as of June 30, 2023. EBIT amounts to € -2.00 million, showing an improvement compared to € -2.56 million in 1H23A. The Net Income is negative at € 2.41 million, yet improved from € -3.25 million in 1H23A. On a balance sheet level, the Group’s NFP stands at € 16.96 million, marking a significant reduction from € 21.61 million in the previous semester.

    In light of the results published in the half-year report for 1H24A, we are revising estimates for both the current year and the upcoming years. Specifically, we estimate FY24E production value at € 30.00 million, with EBITDA of € 3.60 million, corresponding to a margin of 12.0%. For subsequent years, we expect production value to increase to € 42.00 million (CAGR 23A-27E: 9.2%) in FY27E, with EBITDA of € 11.20 million (corresponding to a margin of 26.7%), up from € -0.20 million in FY23A (corresponding to an EBITDA margin of -0.7%). On a balance sheet level, we estimate a debt NFP of € 6.63 million for FY27E.

    We conducted our valuation of the equity value of Doxee based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 77.9 million. Using market multiples, the equity value of Doxee was calculated to be € 73.7 million (including a discount of 25%). The result is an average equity value of approximately € 75.8 million. The target price is € 6.60, with a BUY rating, and MEDIUM risk.
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